Washington - The Federal Communications Commission (FCC) will approve a $19.5 billion deal that will see Clear Channel Communications (NYSE: CCU), the nation's largest radio broadcaster, become a privately-held company, the Associated Press reported. Clear Channel shareholders have already approved the deal, under which a group led by private equity firms Thomas H. Lee Partners and Bain Capital Partners will offer $39.20 a share, a premium of about 10% on the company's current share price.

Texas-based Clear Channel initially announced the deal in late 2006, and said it would sell 448 of its 1,150 radio stations.

The Associated Press cited an agency official as its source, adding that an official announcement will likely come next week.

The deal still also requires the approval of the Justice Department.

Related Links:
http://snipurl.com/1x6ts (AP)

http://www.clearchannel.com